The Dow Market Happenings For Wednesday, September 26, 2018

Dow stocks at 52 week highs include Cisco (CSCO). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open up +12 points.

Tuesday the Dow was down -69.84 (-0.26%) at 26,492.21.

Year-to-date the Dow is up +7.17%.

There were 11 Dow stocks up Tuesday.

The Dow stock winners Monday were led by McDonald’s (MCD) +1.90% and Disney (DIS) +0.76%.

The Dow stock losers Monday were led by Intel (INTC) -2.13% and UnitedHealth (UNH) -1.44%.

International Business Machines (IBM -0.75%) was upgraded to ‘Buy’ from ‘Hold’ at UBS with a price target of $180.

Nike (NKE +0.62%) slid more than 3% in premarket trading after it reported Q1 gross margin of +44.2%, below consensus of +44.3%. Nike’s earnings rose 17.5% to 67 cents a share in the fiscal first quarter while sales grew 10% to $9.95 billion.

The Fed today concludes it’s FOMC meeting where the market is expecting a 25 bp rate hike in the fed funds rate target.

European stocks are mostly lower and Asian markets ended higher.

The national average price of gasoline is up 1.1 cents at $2.867 per gallon.

Earnings Reports.

Nike (NKE) reported earnings on 9/25/2018 after the market close of $0.67, just beating estimates calling for $0.657 per share.

Today’s Featured Dow Stock

IBM (IBM)

IBM (IBM) is down -2.94% year-to-date.

Financial Calendar

11:00 MBA 30-Year Mortgage Rate, 4.88%

11:00 MBA Mortgage Applications (WoW), 1.6%

11:00 MBA Purchase Index, 234.2

11:00 Mortgage Market Index, 342.7

11:00 Mortgage Refinance Index, 917.1

14:00 New Home Sales (Aug), 630K, 627K

14:00 New Home Sales (MoM) (Aug), 0.5%, -1.7%

14:30 Crude Oil Inventories, -1.279M, -2.057M

14:30 Crude Oil Imports, -0.106M

14:30 Cushing Crude Oil Inventories, -1.250M

14:30 Distillate Fuel Production, -0.079M

14:30 EIA Weekly Distillates Stocks, 0.752M, 0.839M

14:30 Gasoline Production, -0.114M

14:30 Heating Oil Stockpiles, 0.495M

14:30 Gasoline Inventories , 0.788M, -1.719M

18:00 FOMC Economic Projections

18:00 FOMC Statement

18:00 Fed Interest Rate Decision, 2.25%, 2.00%

18:30 FOMC Press Conference

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